Stephen King's It Moves From Warner Bros. to New Line

The reboot of Stephen King's It has moved from Warner Bros. Pictures to its New Line Cinema division, following in the footsteps of New Line's other iconic franchise, the Nightmare on Elm Street series.

According to The Hollywood Reporter, the upcoming horror reboot will move to New Line so that "the siblings are drawing clearer distinctions about the types of movies they make," referencing the difference in genres that the respective studios will house, in light of Warner Bros.' merge with New Line in 2008.

The DVD box art for the 1990 TV mini-series.

New Line has been referred to as "The House That Freddy Built" because of the studio's success with the Nightmare On Elm Street franchise -- producing five original films, one awesomely meta re-imagining in the form of Wes Craven's New Nightmare, and the 2010 reboot. New Line also recently distributed the well-received horror flick The Conjuring.

The retelling of Stephen King's It will be helmed by True Detective director Cary Fukunaga, who is also attached to the already-planned sequel. It will be produced by Roy Lee (Bates Motel), Dan Lin (Sherlock Holmes), Seth Grahame-Smith (Dark Shadows) and David Katzenberg (The Goldbergs).

Based on Stephen King's original book, It follows a group of kids who -- as part of "The Losers Club"-- defeated a menacing clown-creature, named Pennywise. Years later, the grown-up group are threatened once again by the creature.

The first film will follow the group of kids, and its sequel will spotlight the revenge of Pennywise in their adulthood.

It doesn't yet have a release date.

Anthony Couto is a writer for IGN. He’d like to know what Ceti Alpha VI was like. Ponder with him on Twitter at @AnthCouto or on IGN at TonyCouto.